Reliance Steel to Make Alabama Acquisition

Reliance Steel & Aluminum Co. on Thursday said that a subsidiary is buying GH Metal Solutions Inc., a steel processor and fabricator in Alabama, for an undisclosed amount.

The Los Angeles company, the largest operator of metals service centers in North America, said GH Metal, founded in 1958, generated revenue of about $44 million last year.

The deal, being conducted through Reliance subsidiary Feralloy Corp., is expected to close within 30 days.

Reliance has expanded its business by acquiring competitors nationwide. Those deals slowed during the recession but have picked up pace again. Earlier this year, it acquired National Specialty Alloys LLC, a Houston processer of specialty alloy, premium stainless steel and nickel alloy bars.

Shares closed down 11 cents, less than 1 percent, to $54.42 on the New York Stock Exchange.